New York & Tri-State + Uptown/Bronx + Apartments | December 9, 2022

Ariel Property Advisors arranged the sale of six multifamily properties in the South Bronx for $33.6 million

Ariel Property Advisors Closes $34M Sale of South Bronx Portfolio

Ariel Property Advisors arranged the $33,600,000 sale of a 297-unit apartment portfolio in the Bronx. The portfolio includes six multifamily elevator buildings located at 111-119 Tudor Pl., 1170-1176 Walton Ave. and 309 E. 164th St. in the South Bronx’s Concourse and Concourse Village sections.

An Ariel team led by founding partner Victor Sozio, along with president and founder Shimon Shkury and investment sales directors Daniel Mahfar and Jason Gold, executed the deal on the seller’s behalf. The buyer was PH Realty Capital & Rockledge.

The 314,590-square-foot portfolio includes 14 studio apartments, 67 one-bedroom apartments, 196 two-bedroom apartments, 19 three-bedroom apartments, and one office unit. The acquisition cost breakdown encompasses $113,000 per apartment and $107 per square foot.

“The process and sale confirm there is still demand for well maintained and managed rent stabilized assets; it is just a matter of price,” said Sozio.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).